Sanofi (SAN) Q4 2025 earnings summary

Executive summary

• Achieved 9.9% sales growth for full year 2025, reaching €43.6 billion, with Q4 sales up 13.3% to €11.3 billion at constant exchange rates, driven by strong new launches and blockbuster status for ALTUVIIIO.

• Dupixent annual sales reached €15.7 billion (+25%), with over 30% patient growth and expansion into new indications.

• Completed €5 billion share buyback, increased dividend for the 31st consecutive year, and proposed €4.12 per share (+5.1%).

• Launched three new medicines and vaccines (Qfitlia, Wayrilz, Nuvaxovid), completed Opella transaction, and reinvested €10.4 billion proceeds into business development and M&A.

• Strategic acquisitions (Vicebio, Dynavax, Blueprint, Dren Bio, Vigil Neuroscience) enhanced the vaccines and pharma portfolio.

Financial highlights

• Q4 2025 net sales: €11.3 billion (+13.3% CER); FY 2025: €43.6 billion (+9.9% CER); business EPS up 26.7% in Q4 and 15.0% for the year.

• Business gross margin expanded by 1.8pp to 77.5% for the year.

• Business operating income up 11.9% to €12.1 billion; BOI margin at 27.8%.

• Free cash flow at €8.1 billion (18.5% of sales), up 35.8%.

• IFRS net income for FY 2025: €7.8 billion (+40.5%).

Outlook and guidance

• 2026 guidance: high single-digit sales growth at CER, business EPS to grow slightly faster than sales.

• Vaccine sales expected to slightly decline in 2026; €200 million sales reduction from divestments.

• €1 billion share buyback planned for 2026; profitable growth anticipated for at least five years.

• Currency impact expected to be -2% on sales and -3% on business EPS for 2026.

• Gross margin expansion to continue; R&D to increase moderately, with placeholder for future acquisitions.